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Budget 2016 - Surcharge Rate increased from 12% to 15% on income of Rs 1 crore or more

Monday, February 29, 2016 by Indian Real Estate News

 In the budget 2016, finance minister has increased the surcharge on income tax levied on individuals earning income of Rs 1 crore or more from 12 per cent at present to 15 per cent. This move is aimed at taxing the super rich

Currently, for HUFs and a resident individual below 60 years of age, income up to Rs 2,50,000 is exempt from tax, income from Rs 250,001 to Rs 5,00,000 is taxed at 10 per cent, from Rs 5,00,001 to Rs 10,00,000 at 20 per cent and above Rs 10 lakh at 30 per cent. A total cess of 3 per cent of the income tax payable is also levied. On income above Rs 1 crore a surcharge of 12 per cent of income tax is additionally levied on the income tax computed and then the 3 per cent cess is further levied on the total of tax plus surcharge.


 
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Budget 2016 - HRA Tax relief on rent now Rs 60,000 per annum

by Indian Real Estate News

 In a move that will bring major cheer to the common man, Finance Minister Arun Jaitley in his Budget 2016 speech announced that the tax relief on House Rent Allowance (HRA) will be raised from Rs 24,000 per annum to Rs 60,000 per annum.

Focusing on education and job creation through skill development, Jaitley spoke of the importance of quality education. "We are committed to empower higher educational institutions. We want to ensure affordable access to quality education

Those earning up to Rs 5 lakh a year will now get a tax relief of Rs 5,000, up from Rs 2,000 previously. This hike in relief effectively raise the basic exemption for these taxpayers to up to Rs 3 lakh. The relief was introduced in budget 2013 and was retained in the past two budgets.

"We plan to set up a higher education financing body. We will set aside Rs 1000 crore for this not for profit organisation," Jaitley said.

Jaitley also spoke of 'Skill India' and said, "Under the .. 

Jaitley also spoke of 'Skill India' and said, "Under the Pradhan Mantri Kaushal Vikas Yojana, we plan to set aside Rs 1700 crore for skill institutions. National Skill Development Mission has imparted training to 76 lakh youth. 1500 Multi skill training institutes will be set up." "The idea is to capitalise the demographic advantages. The objective is to skill 1 crore youth in the next 3 years under the PM Kaushal Vikas Yojana," Jaitley added.


Jaitley started his speech by stressing on Indian economy's resilience amidst the current global economic turmoil. "Global economy is in a serious crisis. Financial markets have been battered but Indian economy has held its ground firmly."

"IMF has hailed India as a bright spot. Let us look at our achievements compared to the last three years of the last government. We inherited an economy with low growth and high inflation," Jaitley said.

 
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Invest Rs 1,50,000 and Save Tax under Section 80C. Get Great Returns by Investing in Best Performing ELSS Mutual Funds

Top 10 Tax Saving Mutual Funds to invest in India for 2016

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1. BNP Paribas Long Term Equity Fund

2. Axis Tax Saver Fund

3. Franklin India TaxShield

4. ICICI Prudential Long Term Equity Fund

5. IDFC Tax Advantage (ELSS) Fund

6. Birla Sun Life Tax Relief 96

7. DSP BlackRock Tax Saver Fund

8. Reliance Tax Saver (ELSS) Fund

9. Religare Tax Plan

10. Birla Sun Life Tax Plan

Invest in Best Performing 2016 Tax Saver Mutual Funds Online

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Budget 2016 - Tax Rebate for persons with income less than or equal to Rs 5 lakh increased by Rs 3000

by Indian Real Estate News

 In the budget 2016, the finance minister has increased the tax rebate given to individuals with net income equal to or less than Rs 5 lakh under section 87A from Rs 2000 to Rs 5000. Currently, under this section a resident individual with income up to or equal to Rs 5 lakh can get a rebate in tax equal to 100 per cent of the income tax payable or Rs 2000 whichever is less. This low cap of Rs 2000 has now been increased to Rs 5000. This is expected to provide a relief of Rs 3000 in tax to over  

 
 In the budget 2016, the finance minister has also increased the surcharge on income tax levied on individuals earning income of Rs 1 crore or more from 12 % at present to 15%. This move is aimed at taxing the super rich 

Currently, for HUFs and a resident individual below 60 years of age, income up to Rs 2,50,000 is exempt from tax, income from Rs 250,001 to Rs 5,00,000 is taxed at 10%, from Rs 5,00,001 to Rs 10,00,000 at 20% and above Rs 10 lakh at 30%. A total cess of 3% of the income tax payable is also levied. On income above Rs 1 crore a surcharge of 12% of income tax is additionally levied on the income tax computed and then the 3% cess is further levied on the total of tax plus surcharge. 

 
 
-----------------------------------------------
Invest Rs 1,50,000 and Save Tax under Section 80C. Get Great Returns by Investing in Best Performing ELSS Mutual Funds

Top 10 Tax Saving Mutual Funds to invest in India for 2016

Best 10 ELSS Mutual Funds in india for 2016

1. BNP Paribas Long Term Equity Fund

2. Axis Tax Saver Fund

3. Franklin India TaxShield

4. ICICI Prudential Long Term Equity Fund

5. IDFC Tax Advantage (ELSS) Fund

6. Birla Sun Life Tax Relief 96

7. DSP BlackRock Tax Saver Fund

8. Reliance Tax Saver (ELSS) Fund

9. Religare Tax Plan

10. Birla Sun Life Tax Plan

Invest in Best Performing 2016 Tax Saver Mutual Funds Online

Invest Online

Download Application Forms

For further information contact Prajna Capital on 94 8300 8300 by leaving a missed call

---------------------------------------------

Leave your comment with mail ID and we will answer them

OR

You can write to us at

PrajnaCapital [at] Gmail [dot] Com

OR

Leave a missed Call on 94 8300 8300

-----------------------------------------------

| comments (0)
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